HEDONIC IMPUTATION AND THE PRICE INDEX PROBLEM: AN APPLICATION TO HOUSING

Robert Hill · Daniel Melser

126 citations0/0 files storedEconomic Inquiry

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Housing Market and Economics Monetary Policy and Economic Impact Economics of Agriculture and Food Markets

Abstract

In this study, we show how use of the hedonic imputation method complicates the price index problem. In addition to the usual choice between formulas such as Fisher and Törnqvist, the fact that index compilers have some discretion over which prices are imputed implies that it is necessary to choose as well between different varieties of each formula. The functional form of the hedonic model must also be taken into account. We illustrate the importance of these issues in a housing context using house price data for three regions in Sydney over a 3‐yr period. (JEL C43, E31, O47, R31)

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References

1974Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition 1988Spatial Econometrics: Methods and Models 1966A New Approach to Consumer Theory 1976A New Approach to Consumer Theory 1976Exact and superlative index numbers 1994New product varieties and the measurement of international prices 1963A Regression Method for Real Estate Price Index Construction 1923The Making of Index-Numbers.

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